AbacusNext Acquires OfficeTools, Eyeing Expansion Into Spend Management
AbacusNext, which provides case management and desktop-as-a-service cloud platforms to legal clients, has announced the acquisition of accounting…
June 01, 2017 at 08:22 AM
3 minute read
The original version of this story was published on Law.com
AbacusNext, which provides case management and desktop-as-a-service cloud platforms to legal clients, has announced the acquisition of accounting practice management solutions provider OfficeTools.
The acquisition is the latest by Abacus, previously went by Abacus Data Systems. In 2016, the company purchased legal practice management software solution Amicus Attorney, cloud IT hosting provider CloudNine, and customer relationship management tool Results Software.
With the acquisition of OfficeTools, the company hopes to expand its foothold in the accounting solution space. “We are aware that busy lawyers, doctors, and CPAs are not only looking to streamline their practices with technology, but are also dedicated to finding the right solution for their firms and practices,” said AbacusNext CEO Alessandra Lezama.
She added, “This acquisition will bring together OfficeTools' expertise in their industry and our expertise in the legal industry, and together, we will provide best of breed integrated solutions to enable the CPA and legal professions. “
OfficeTool is best known for its Workspace Solution, which Lezama explained “combines a suite of core productivity and management features into an integrated solution, operated from a single-screen user interface for firms in the tax preparation and public accounting industry.”
Given that Workspace has been historically hosted on CloudNine's cloud servers, the OfficeTool also represents another investment in cloud-based managed services for Abacus. Lezama noted that company expects the demand for “managed technologies will only continue to grow amongst [legal and accounting] professionals due to emerging cyber threats, compliance requirements, and the need for secure, ubiquitous access to their practices.”
Mike Giardina, founder and CEO of OfficeTools, expressed enthusiasm over the acquisition, stating that under Abacus, “OfficeTools will have the resources to take our products to the next level enabling key integrations as we deliver fully managed cloud solutions that meet the highest standards of functionality, security and compliance.”
With funding from private equity firm Providence Growth Equity, Abacus rebranded itself with a new logo and opened new headquarters in La Jolla, California, in early 2016. Lezama told Legaltech News at the time, “Abacus is consistently expanding its products and services portfolio, in addition to expanding its offerings into new markets.”
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